With the frenzy of meme coins taking over the cryptocurrency space again in March, the myths of hundredfold and thousandfold returns have once again captured the attention of the public. Below, we will also introduce five practical cryptocurrency tools, including data monitoring and tracking, to help traders quickly identify and catch the rising rocket.
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Meme coin Book of Meme (BOME) surges fivefold in 24 hours, earning $4.3 million in two days for a single address.
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Five essential cryptocurrency tools you should have
Dexscreener
Arkham Intelligence
Zapper
DefiLlama
Coinglass
Is the meme frenzy the last dance in the cryptocurrency market?
From dog meme coins, including $SHIB and $WIF, to the wealth explosion of $BOME on SOL, cryptocurrency participants spare no effort in sending funds to meme markets on various chains in order to earn the final fortune in case there is a potential pullback in mainstream currencies.
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With World Frog Day approaching, meme coins PEPE and WIF reach new all-time highs.)
To survive in the meme coin market, traders must also stay ahead to ensure they can find the right tokens at the right time.
Bankless
has also compiled a cheat sheet, listing five essential cryptocurrency tools for catching market hotspots.
As a token search tool well-known to both experienced and novice meme coin traders,
Dexscreener
provides real-time data and charts for tokens on up to 30 chains, observing the most up-to-date market trends in 5-minute intervals.
Additionally, the tool has launched mobile apps for iOS and Android platforms, allowing traders to receive notifications on value changes for specific tokens.
It can be used to track token issuance on chains such as Ethereum and Solana, as well as to monitor the activity level of DeFi ecosystems on various chains.
Next, the tool
Arkham
fully utilizes the transparency and traceability of blockchain data, which is familiar to data trackers on various chains.
Arkham provides information about token holdings, real-time gains and losses, and fund flows for specific wallet addresses, and sends notifications to users via email, Telegram, or Slack.
It can also be used to identify major token holders and provide insights into their on-chain participant identities.
Zapper
transforms the blockchain into a social media platform, allowing users to view popular DeFi applications, tokens, DAOs, and NFT collections, and even create or join token-based chat rooms through its intuitive and user-friendly interface.
It is reported that the tool can be used to filter monitoring data, including major token holders, recent trade orders, and changes in the number of traders, and provides diverse functions such as portfolio management and cross-EVM chain asset exchanges.
By turning DeFi data into a simple and understandable user interface,
DefiLlama
has become a popular DeFi data monitoring tool.
DefiLlama offers a large database for tracking DeFi applications and TVL across all blockchains, allowing users to understand the overall picture of DeFi during specific time periods.
It also analyzes and identifies market trends by viewing stablecoin liquidity, user growth in specific ecosystems, and fundraising announcements for new protocols.
Similarly, a well-known data monitoring tool, Coinglass, is surely present on the mobile devices of most cryptocurrency traders.
Unlike the above tools, Coinglass provides comprehensive data on crypto derivatives, including trading volumes and open interest of various contracts on exchanges, as well as long/short ratios and liquidation amounts.
What’s special is that the tool also provides additional data such as the Bitcoin Rainbow Chart, exchange lending rates, and liquidity heat maps to help users better understand market cycles and current conditions in order to make investment decisions.
However, massive returns also come with high risks, and the myths of getting rich overnight and sudden losses occur simultaneously.
According to data from Dune, the meme coin crazes caused by $DOGE and $SHIB in the past were phenomena that occurred after Bitcoin broke its previous all-time high, followed by a subsequent drop of around 30% to 40% in Bitcoin’s price.
Dune: Meme Narrative
In last year’s $PEPE craze, although there was no significant decline, Bitcoin still experienced a consolidation period that lasted for several months.
Now, with Bitcoin once again surpassing its all-time high and a slight frenzy of meme coins emerging, whether this is a sign of a market downturn is still unknown, but investors must remain vigilant for potential drastic fluctuations in the future.
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10X Research: Bitcoin continues to rise after dropping to $63K, competing coins and meme coins have likely peaked in the short term.)
(This article is not investment advice.)
Arkham Intelligence
Coinglass
DefiLlama
Dexscreener
Memecoin
Zapper
Tools
Meme coin
Further Reading
Why “NFT Achievements” is a Killer Feature of Web3?
Having the Ability to Print Money Without Issuing Coins! AAVE Community Director Mentions Promising Blockchain Projects